I think some of you are really overstating how valuable a late 1st round pick is. I'm all for protecting picks but the chances of a late 1st turning into a star is very small. Here are the results of picks made in 20-30, by draft between 2006-2008.
2006: 1 star (Giroux). 1 very good goalie (Varlamov). 2 regular NHLers in Foligno and Berglund. 6 guys who didn't/haven't panned out (Sanguenetti, Irving, Persson, Summers, Fischer, Vishnevskiy).
2007: 1 really good forward (Pacioretty). 1 good forward (Perron). 5 with around 100 NHL games or less (Jim O'Brien, Riley Nash, Michael Backund, Brendan Smith, Jon Blum). 3 busts (Patrick White, Nick Ross, Nick Petrecki)
2008: 2 very good players (Eberle, Carlson). 3 regular NHLers (Michael Del Zotto, Mattias Tedenby, Tyler Ennis). 6 busts (Tikhonov, Nemisz, Cuma, McCollum, Gustaffson, Leveille)
Totals: 5 good players/stars. 10 regular NHLers. 15 busts.
We traded away a player that's 50% likely to bust, 33% likely to be a decent player, and 17% likely to be a good/great player.
Would this be a bad deal if we traded away Nick Petrecki? Tikhonov?